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Consider an equally weighted portfolio of stocks in which each stock has a volatility of 30%, and the correlation between each pair of stocks is

Consider an equally weighted portfolio of stocks in which each stock has a volatility of 30%, and the correlation between each pair of stocks is 15%.

a) What is the volatility of the portfolio as the number of stocks becomes arbitrarily large?

b) What is the average correlation of each stock with this large portfolio?

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